Press release
AI in Biopharmaceutical Development Market Exclusive Trends Analysis with Forecast to 2031
The AI in Biopharmaceutical Development Market Size is valued at 603.30 Million in 2022 and is predicted to reach 5931.48 Million by the year 2031 at a 29.2 % CAGR during the forecast period for 2024-2031.
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Artificial intelligence (AI) has emerged as the frontier technology with the most significant potential to revolutionise the biopharmaceutical industry. ML approach domains include reasoning, knowledge representation, solution search, and machine learning. It can aid in rational drug development, decision-making, selecting the most effective treatment for a patient, customising medications, and maintaining clinical data for future drug development. In drug discovery, AI can differentiate between hit and lead compounds, enabling faster therapeutic target confirmation and structural design optimisation. The FDA (United States Food and Drug Administration) has issued recommendations and initiated numerous initiatives to promote the use of artificial intelligence in the drug discovery and development process.
The biopharmaceutical industry is gaining popularity for artificial intelligence, resulting in market expansion. In addition, rising drug research expenses and a greater understanding of AI's efficacy will be significant market growth drivers in the coming years. A low rate of trial failure, an abundance of software developers for drug discovery, and a high demand for the software among large pharma & biotech firms and research institutes all contribute to the market's expansion. Adopting AI solutions in the clinical trial process eliminates potential obstacles, shortens the clinical trial cycle time, and increases productivity and precision.
The greatest obstacles in this AI-based biopharmaceutical development market are the higher prices of AI-based apparatus, its applications, and software. Aside from this, market restraints for the forecast period include a lack of data sets in drug discovery, a lack of qualified employees, and the absence of regulations and ethics for using artificial intelligence in healthcare. Asia-Pacific is anticipated to acquire prominence between 2022 and 2030 as a result of the expanding software and services industries, as well as funding for their development.
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Prominent market players in the AI in the Biopharmaceutical development market are IBM Watson Health, Google (Alphabet Inc.), Concreto HealthAI, Nvidia Corporation, PathAI, Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Inc., Ai-biopharma S.A.S., and Microsoft Corporation, among others, are some key players operating in the AI in Biopharmaceutical Development Market.
Key Developments in the market
• In Apr 2021, Microsoft focused on healthcare AI with a $19.7B Nuance acquisition Microsoft will shell out $19.7 billion cash for Nuance. With Nuance's speech recognition and conversational AI software under its umbrella, Microsoft will expand its push to bring cloud-based AI tools to the healthcare industry on a broader scale.
• In Apr 2021, Nvidia collaborated with AstraZeneca, the University of Florida, on AI-driven drug discovery. This collaboration will build a model trained using Nvidia DGX SuperPOD, an AI supercomputer, that will allow researchers to evaluate billions of molecules for potential drug candidates faster.
• In Jan 2020, Concerto HealthAI announced an expansion of their existing Precision Oncology collaboration with Pfizer Oncology. The partnership is to advance Concerto HealthAI's use-case engineered Real-World Data (RWD) for various clinical development initiatives across breast, lung, prostate and renal cell carcinoma cancers, which will drive innovative new study designs non-interventional studies.
• In Oct 2019, Novartis and Microsoft announced a collaboration to transform medicine with artificial intelligence. Novartis to establish an AI innovation lab to empower its associates to use AI across the business. Joint research activities will include co-working environments on Novartis Campus in Switzerland, Novartis Global Service Center in Dublin, and Microsoft Research Lab, tackling personalized therapies for macular degeneration, cell & gene therapy, and drug design.
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Market Segments
Global AI in Biopharmaceutical Development Market , by Type, 2022-2030 (Value US$ Mn)
• Monoclonal Antibodies
• Vaccines
• Recombinant Proteins
Global AI in Biopharmaceutical Development Market , by Application, 2022-2030 (Value US$ Mn)
• Research And Discovery
• Clinical Development
• Manufacturing & Supply Chain And Other Subsegments
Global AI in Biopharmaceutical Development Market , by End-user, 2022-2030 (Value US$ Mn)
• Biopharmaceutical manufacturers
• Contract manufacturing organizations (CMOs) or contract research organizations (CROs)
• Academic & government research institutes
Global AI in Biopharmaceutical Development Market , by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
> To receive a comprehensive analysis of the prospects for the Global AI in Biopharmaceutical Development Market
> To receive an industry overview and future trends of the AI in Biopharmaceutical Development market
> To analyze the AI in Biopharmaceutical Development Market drivers and challenges
> To get information on the AI in Biopharmaceutical Development Market size (Value US$ Mn) forecast to 2030
> Significant investments, mergers & acquisitions in the AI in Biopharmaceutical Development Market industry
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Other Related Reports Published by InsightAce Analytic:
Global Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market
Global Clinical Trials Software Market
Global Oncology Informatics Market
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